Algorand’s ALGO Aims To Become A Carbon-Negative Blockchain

Algorand’s ALGO aims to become a carbon-negative blockchain with its network ultimately aiming to become the greenest blockchain of them all as we can see more in our latest blockchain news.

Smart contracts platform Algorand partnered with carbon offset specialists ClimateTrade to launch a sustainability oracle which will help to make the blockchain even more carbon-negative according to the announcement that was published recently. Silvio Micali who is the founder of Algorand noted:

“Algorand is experiencing accelerated adoption and network expansion. As this period of hyper growth continues, we find it crucial to operate at a carbon-negative level. Indeed sustainable growth is way better than growth.”

In celebration of #EarthDay, Algorand pledges to be the greenest #blockchain with news that the network is carbon-negative!

Excited about our efforts with @ClimateTrade & @AlgoFoundation to set new standards for blockchain sustainability 👉 https://t.co/TMBPeQDEPf #greencrypto pic.twitter.com/XqsWB7s8yp

— Algorand (@Algorand) April 22, 2021

To achieve this goal, the oracle will notarize the Algorand carbon footprint and will lock the equivalent amount of carbon credit in a green treasury allowing it to run the protocol as carbon-negative. Micali acknowledged that measuring the global impact on the larger decentralized network is complex so the blockchain teamed up with ClimateTrade to continue and to double down on the eco-conscious efforts.
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ClimateTrade CEO Francisco Benefito noted:

“Clean energy and addressing climate change are priorities for the United Nations, global organizations and governments alike. Algorand has a very low carbon footprint to begin with, and we are inspired by the leadership role the organization is taking to ensure the next generation of blockchain adoption is environmentally friendly.”

According to the announcement, Algorand’s ALGO network is already carbon-neutral because it is based on a proof of stake consensus algorithm so unlike energy-intensive proof of work protocols that are used by Bitcoin and Ethereum, PoS requires less electricity and computational power. This is because while Pow-based networks rely on endless calculations made through so-called brute force on powerful computers and PoS blockchains validate new blocks by allowing the users to lock up their tokens and to utilize them to help maintain the network. 

As previously reported, the ecological impact of crypto and NFTs is becoming a widely discussed topic as one startup called Hitch announced a collaboration with artist Daniel Attfield to create an NFT art piece that will benefit the climate:

“Mining cryptocurrency creates a tremendous amount of energy and NFTs use much less— which is why using carbon credits for any art piece should be a requirement, not the exception.”